Escalating trade war sinks stocks

An escalating trade war with China sent the markets plummeting to close sharply lower with the Dow crashing 458 points to 23,644. Nasdaq collapsed 193 points to 6870.


On the upside


MedicicNova (Nasdaq: MNOV) ended a Phase 2 study of MN-001 early due to extremely positive results and will accelerate further development of MN-001.


Limelight Networks (Nasdaq: LLNW) entered a binding Memorandum of Understanding with Akamai Technologies (Nasdaq: AKAM) to settle all outstanding legal disputes between the two.


Moody's Investors Service upgraded the Corporate Family Rating of Cloud Peak Energy Resources (NYSE: CLD) from a Caa1 to a Caa2 rating.

On the downside


SORL Auto Parts (Nasdaq: SORL) disappointed with sharply lower fourth quarter earnings.


Shares of Alnylam Pharmaceuticals (Nasdaq: ALNY) extended its losses.


Synnex (NYSE: SNX) reported lower first quarter earnings and forecast current quarter earnings below expectations.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 collapsed 58 points to 2,581. Bitcoin climbed $148 to $6,968.


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